Update on the Christchurch real estate market by Hayden Broadbelt
May was a month that we felt Jack Frost return from his summer slumber. His fingers wrapped around us at the start of the month, however, it didn’t dampen confidence on the Christchurch real estate market. Whilst the market remained stable, 654 sales saw a significant lift in sales from April with the median sale price static at $452,500.
The five-year trend line continues to inch North reassuring both buyer and vendor alike. This surge in sales provides evidence that investors are returning on the back of our coalition Government not going with Dr Cullen’s recommendation on a Capital Gains Tax (CGT). First home buyers remain active but are bound by borrowing restrictions. Banks are taking a cautious approach around the historically low-interest rates provided. Our auction results continue to be pleasing with clearance rates up. Those with their finance in place are securing excellent results within our auction rooms.
Days on market has increased by 1 day to 40 days, indicating our marketing method time frames are lengthening due to the vendor and buyer price expectations out of alignment. Whilst many take a conservative approach during the colder months, those who like to purchase property without the summer competition are securing great properties.
Driving through our great city it’s exciting to see new buildings completed. Our residential sales teams are listing more and more properties within the four avenues and businesses are starting to return to the CBD. Accommodation projects are taking shape, and the hustle and bustle is returning. Like anything starting again, our hospitality sector as well as retail needs your help to get going. They rely on us to visit the CBD, to explore our heart and enjoy what’s being created.
Property listings are the lifeblood of any real estate business and the volume of listings coming into Harcourts across the city continues to track well. Harcourts continues to be the preferred company across the city with close to every second new property to the market being listed by your city’s favourite company, Harcourts.
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